POLS 3510 Lecture Notes - Lecture 3: Industrial Revolution, Economic Mobility, Economic Inequality
22 Sep 2017
School
Department
Course
Professor
Document Summary
Prices fell and incomes increased; debt also increased: most income increase can be attributed to a growing work force, wages fell for uneducated men, younger adults fared worse in 2001 than in 1973. 3 factors contributed to the wage surge: an end to federal budget deficits, productivity increase, the internet. Picketty and saez have concluded that the higher the income group, the larger the income gains. Krugman: on invincible ignorance the majority of economic mobility occurs over fairly small spans of the distribution. Johnston: free lunch chapter 26: not since hoover the bottom 90% has a smaller slice of the pie now than it did in 1980: the slice for the top 1% has doubled. 1960-1985: government began changing policy to favor the rich market-based economy.
